Banks to seize $490 billion crowdlending market opportunity with launch of Misys FusionBanking CrowdLending
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New module enables retail and corporate banks to grow their lending business and recapture P2P market share
Today, at its Connect Forum in Paris, Misys launched its new crowdlending module. Misys FusionBanking CrowdLending supports retail and corporate banks in delivering funding to all customers, from the individual to SMEs and large corporations. It opens the door for banks to claim a stake in the accelerating global loan origination market, which could command almost half a trillion dollars globally by 2020. “Alternative finance has made its mark,” said Simon Paris, President at Misys.
“Overall loan volumes are on the up, but a growing and increasingly relevant slice of the market is now being processed by independent P2P providers. With traditional lending vehicles also under pressure from marketplace lenders, banks risk missing out. Our approach enables banks to capture more of the opportunities in this market, and to de-risk, disrupt and quickly grow in this competitive space.
Crowdlending with Misys is a digital leap that banks can make now and it is a leap that could see them play a significant role in boosting SME funding – an area that has been underserved to date.” FusionBanking CrowdLending provides a fully integrated, white-label platform which enables banks to bring lenders, including individuals, asset managers and banks, together with borrowers of all sizes, innovating and digitalising traditional lending. By embedding crowdlending in the overall credit lifecycle, a bank can maintain and expand its client base, no longer having to turn away those they otherwise wouldn’t fund.
At the same time, loans are originated off balance sheet to diversify risk. James O'Neill, Senior Analyst for Banking at Celent said, “A key limitation to the long-term growth of the marketplace lending sector is the lack of industry standards across the various platforms competing in the market, and as a result important metrics like credit quality and collection policies are not uniformly administered across competitors.
FusionBanking CrowdLending is thus a welcome addition to the marketplace lending scene as it allows traditional banks to contribute their expertise in credit management to borrowers and lenders 2 alike. Additionally, unlike some marketplace lending platform providers who continue to operate at a loss, FusionBanking CrowdLending will enable bank-administered platforms to provide long-term financial stability to the marketplace lending sector, allowing for the acceleration of innovation in the future while plugging a funding gap that currently exists for SMEs.”
For borrowers, FusionBanking CrowdLending provides easy access to alternative funding through a trusted bank platform, with no additional sign up processes required. In-house processing affords cost efficiencies which deliver borrowers competitive rates. Users also benefit from their bank’s customer network of lenders and investors, for fast loan origination. Investors benefit from established credit risk processes and bank infrastructure, to minimise potential risk.
FusionBanking CrowdLending is born out of the Misys FusionReactor innovation lab. The agile cloud-based platform is built on the Misys FusionFabric architecture. The new platform serves to originate peer to peer commercial loans. It is available pre-integrated with Misys FusionBanking Loan IQ for servicing resulting syndicated loans. It can also be integrated into other existing servicing platforms.